Bed Bath & Beyond stock down more than 20% premarket after meme-like rally

Shares of Bed Bath & Beyond Inc.
BBBY,
-35.34%
were down 22.2% before market open Thursday after the troubled home goods retailer’s recent meme-like rally. The stock ended Wednesday’s session up 35.3%, marking its third consecutive day of gains and its longest win streak since January. On Wednesday Bed Bath & Beyond’s trading volume was three times higher than the prior 30-day average, according to FactSet data. This week’s rally came after Bed Bath & Beyond’s stock plunged last week after it disclosed a sale of more than 100 million shares as the embattled retailer attempts to stave off bankruptcy. The stock ended Friday’s session at a record low of 24 cents. Bed Bath & Beyond’s stock is down 81.5% in 2023, compared with the S&P 500 index’s SPX
SPX,
-0.60%
gain of 8.2% over the same period.